ATO wants to hold on to lifestyle assets data for longer

High-net-wealth clients have been placed on alert as the ATO seeks to extend the period it can retain data from insurance policies on certain asset classes, including race horses, fine art and aircraft.

Shared by Accountants Daily

June 11, 2019

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In 2016, the Tax Office was granted exemption by the Office of the Australian Information Commissioner (OAIC) to retain data from insurance providers on policies for certain classes of assets — including marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft — for a period of three years.